Food delivery service is witnessing a surge in the urban areas and that is providing tailwind to the virtual kitchen segments. Many of the business hospitality leaders are considering this as the future which can help them increase their profit margin. These kitchens are spaces that restaurants can leverage to trigger their business growth by focusing substantially on food delivery and quick-service sales. This can help kitchens expand their business without incurring much risk and lowering the establishment cost with heightened flexibility. The global Virtual Kitchen Market is expected to gain impressive 43% CAGR during the forecast period (2017-2023). Market Research Future (MRFR) anticipates the possibility of exceeding the estimated valuation of USD 3,586 million by the end of 2023 in their latest report on the said market.
Digital assistance and increasing artificial intelligence can ensure better growth for the regional market. This heightens the experience of the viewing customer and people can interact with the digital world quite easily. Other than this, big restaurants are counting on efficient tackling of food orders. This can solicit customer feedback which these restaurants value as a growth factor. Such influencers are expected to inspire the global virtual kitchen market in the foreseeable future.
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The prominent players in the global virtual kitchen market are – Microsoft Corporation (U.S), HTC Corporation (Taiwan), IKEA (Netherlands), Samsung Group (South Korea), LG Electronics Inc. (South Korea), Homer TLC, Inc.(U.S), Clicky Media (U.K), The National Kitchen & Bath Association (U.S), Aetna, Inc. (U.S.), Cawdor Stone Gallery (U.K.), The Saturn Corporation (U.S), Micro-Star International (Taiwan) among others.
MRFR takes a long route to explain the virtual kitchen market by segmenting it based on component, technology, and end-users. This analysis has solid basis on the data collected from volume-wise and value-wise analysis.
Based on the component, the virtual kitchen market can be segmented into hardware, software and service. Due to the interests shown by market giants like Uber, the entire global virtual kitchen market is expected to grow during the forecast period.
Based on the technology, the virtual kitchen market includes Wi-Fi, 3D, artificial intelligence and others. The inclusion of Wi-Fi is playing a significant role in taking the global virtual kitchen market ahead.
Based on the end-users, the virtual kitchen market can be segmented into commercial space, residential, hospitality and others. The hospitality sector is gaining much traction, along with commercial space.
The region-specific analysis of the global virtual kitchen market includes namely, North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). This type of analysis has its focus on the regional demography that would reveal a better understanding of the global market for a better assessment of the market in the coming years.
North America is in charge of the global market and it is fetching substantial revenue to take the market forward. This is mainly due to the integration of advanced technology and robust infrastructure owing to the inclusion of artificial intelligence.
Europe is going to benefit from similar features and the market is going to acquire substantial CAGR during the forecast period. Several companies are working out of this region which is bound to help the regional market in exceeding the predicted market valuation by the end of 2023.
The APAC market is big because it houses a huge population. The virtual kitchen is going to get substantial backup from the population. China, Japan, and India are emerging economies that can support the growth of the region.
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- Virtual kitchen providers
- Professional service providers
- Virtual kitchen providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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